Zenith Education Group is now calling quits on its Corinthian Colleges Inc. Chain three years after acquiring it. The group plowed more than $500 million to keep it up and to run.
Currently, enrolled students will be allowed to finish their programs before the College is shut down. New enrollments are not being accepted.
Enrollments for other three campuses are also limited for now. The three other campuses include Altierus Campuses in Tampa, Fla., Norcross, Ga., and Houston. The group said that they are focusing on academic programs for now while keeping close ties to job opportunities in the respective markets.
Zenith currently has 5,400 students in its 24 campuses. The Corinthian College has filed for chapter 11 bankruptcy protection. The College filled for bankruptcy when the federal government tightened the spigot of student loan fund for underperforming schools.
The ECMC said, “Over the past few years, it has become evident to us that many of our campuses are located in areas that are geographically inconvenient for underserved students or not built to accommodate the programs that we want and need to offer”.
Tens of thousands of students claimed that Corinthian defrauded them with false hopes after graduation and the Education Department approved them.
The Zenith Group leases its facilities and is currently looking for potential educational institutes that may have interest in the facility.